Last week, a gubernatorial commission released its $2 billion tax cut plan for New York State. The commission’s plan provides for a 2-year property tax freeze, a cut in the tax rate on corporations to 6.5 percent and a reduction in tax on manufacturers to 2.5 percent.
New York State is set to receive $1 Billion after JPMorgan Chase & Co. agreed to pay $13 billion dollars in a landmark settlement for activities that prosecutors say were "symptomatic of the recklessness on Wall Street."
JPMorgan was among the major banks that sold mortgage-backed securities that plunged in value when the housing market collapsed in 2006 and 2007. Those losses triggered a financial crisis that pushed the economy into the worst recession since the 1930's.
The U.S. Supreme Court has rejected the Onondaga Indian Nation's petition to review the dismissal of its long-running lawsuit claiming a massive swath of land running down the middle of New York state.
The Nation had argued the 4,000 square miles in 11 counties was illegally taken by the state through a series of bogus treaties. The lawsuit also named the city of Syracuse and a number of local companies as defendants.
More than 95 percent of the school budgets that went before the voters in New York on Tuesday were approved but, those that exceeded the two percent property tax cap did not fare as well. Only about 30 percent of those spending plans were approved.
The executive director of the New York State School Boards Association, Tim Kremer, tells WAMC's Brian Shields the initial results show 630 school districts budgets were approved with 30 rejected.
As New York State budget talks reach their final days, and perhaps even hours, a group of Hispanic lawmakers is pushing for the inclusion of the Dream Act in the budget, It would offer college aid to children of undocumented immigrants who were born in the country.
ALBANY, N.Y. (AP) — With New York officials now proposing to spend $400 million to buy and demolish downstate homes damaged by October's Superstorm Sandy, they say 646 buyout applications have been federally approved for $55 million in a buyout program for upstate properties damaged in 2011 by the back-to-back storms Irene and Lee.